GameStop Tokenized as GMEx on Solana, Now Trading 24/7 Across DEXs via xStocks

xStocks AAPLx$336.96-0.1% added GameStop to its tokenized equities roster on Solana on September 12, 2026. The token, GMEx, is backed 1:1 by real GameStop Corp. Class A shares and trades continuously on Solana DEXs with no broker, no market-hours restriction, and no minimum lot size.

What GMEx Is and How It Tracks GameStop Stock

GMEx is a tracker certificate issued by Backed Assets (JE) Limited and deployed as an SPL token on Solana. According to the Backed Finance product page, each unit mirrors the price of GameStop Corp. (ISIN US36467W1099), with shares held across four custodians: Alpaca Securities LLC, InCore Bank AG, Maerki Baumann & Co. AG, and GTN Europe Financial Services Limited. The product launches with no management fee, though documentation notes a fee of up to 0.25% annually may be introduced; an entry/exit fee of up to 0.50% applies.

Holding GMEx provides price exposure to GameStop. It does not convey shareholder voting rights or direct ownership of the underlying shares. Chainlink provides price feeds and corporate action data for the xStocks product line, as it does for other equities in the catalog.

GMEx is restricted to non-US persons and excludes residents of other prohibited jurisdictions. Access requires meeting the Professional Client or Qualified Investor standard under Swiss FinSA or EU Prospectus Regulation.

The 2021 Short Squeeze That Turned GameStop Into a Cultural Touchstone

GameStop was trading at pre-squeeze lows in 2020 when retail traders coordinating on Reddit's WallStreetBets forum identified it as one of the most heavily shorted stocks on US markets. Over January 2021, concentrated buying pushed the share price to an intraday high of $483, per the SEC's October 2021 staff market review, forcing short sellers including Melvin Capital into historic losses.

What followed attracted as much attention as the squeeze itself. Several brokerages, most notably Robinhood, halted GME purchases on January 28, 2021, at the height of the momentum. The episode was cited in subsequent congressional hearings as evidence of structural friction in retail market access.

GameStop as a business eventually pivoted to a smaller physical retail footprint and later adopted a Bitcoin treasury strategy. The ticker retained its cultural weight long after. A tokenized GME that trades at 3 a.m. on a Saturday with no broker involved is a direct answer to the friction that defined that moment.

24/7 Trading on Solana DEXs: Raydium, Jupiter, and Orca

GMEx is available through the DEX infrastructure already integrated with xStocks on Solana: Raydium RAY$2.34-0.4%, Jupiter JUP$0.358-5.7%, Orca ORCA$2.38+3.0%, and Kamino Finance KMNO$0.036+4.7%, as well as on Kraken for centralized trading. Trades settle immediately on-chain, with no clearinghouse delay and no forced settlement window tied to US market hours.

The SPL token is implemented using Solana Token Extensions (pausable configurations, permanent delegate authority, and transfer hooks), compliance mechanisms that allow Backed to pause transfers for restricted persons while still operating as a standard DEX-tradeable asset during normal conditions.

For eligible traders outside restricted jurisdictions, GMEx offers fractional exposure from as little as $1, subject to the standard Solana transaction fee and any applicable DEX swap fee.

GMEx First 24 Hours on Solana: Trading Volume, Trades, and Holder Count

Solana Compass data shows 35,686 trades from 10,506 unique traders in the first 24 hours after the GMEx listing, with $1.75M in on-chain volume. The token had accumulated 16,230 holders as of September 13, 2026.

xStocks at 715 Tokenized Assets After LSE Partnership

xStocks now lists 715 stocks and ETFs for on-chain trading, up from the roughly 60 securities available at the platform's June 2025 launch, according to the xStocks website. The platform reports over $40 billion in total transaction volume and operates across 110 countries. The Solana Foundation's xStocks case study documents the state as of January 19, 2026: over $3 billion in on-chain transaction volume, $517 million in DEX volume, and more than 57,000 unique holders, with Solana accounting for approximately 93% of total xStocks market value.

GameStop joins a catalog that spans US equities, ETFs, and Hong Kong-listed stocks. The platform is also awaiting regulatory approval to list the 100 largest UK-listed companies following a deal signed September 1 with Payward and the London Stock Exchange.

xStocks deploys across multiple blockchains including Ethereum, Arbitrum, BNB Chain, TON, and others, but Solana has consistently led by on-chain volume. GMEx is available on Solana as an SPL token at mint address Xsf9mBktVB9BSU5kf4nHxPq5hCBJ2j2ui3ecFGxPRGc.